Deal or No Deal....

[Eric Moore]

So I came across a commercial MF property in Midtown/Tobin Hill area in San Antonio, TX.  I called an investor form Austin for advice who I met in passing and he wanted to me to send him the figures and also the address.  Well, my spidey sense went off and I began to suspect he wanted all that info to possibly swipe this potential deal from me.  I don't have it under contract.  (Mama didn't raise any fools hahaha).  So I turn to my illustrious BP community.  I haven't verified any of this information so I suspect that I'll uncover some hidden truths but here it is:

- Asking Price - $800,000

- Gross Income: $112,000

- NOI: $96,000 (I know it seems high, I'll verify this for sure)

- 12 Cap

- Owner manages property himself

- 16 units each 450 sq/ft, all 1 bed 1 baths w/central A/C

- 100% occupancy (maybe an indication of rents being too low)

- No washer/dryer in units, has community washer dryer (Generates $125-$150/mo in revenue)

- Each unit rents for $575.  May be able to bump rents up another $50.  Remodeled 1 Bed/ba apartments at 550 sq/ft are going for $700 in that immediate area

- It's right by San Antonio College